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Amendment of section 10.

Clause 6 - Bills - DIRECT TAXES - Income-tax - Bill - Clause 6 - 6. In section 10 of the Income-tax Act,- (a) in clause (4), in sub-clause (ii), in the proviso, for the word, brackets and letter clause (q) , the word, brackets and letter clause (w) shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2013; (b) after clause (12A) [as inserted by section 7 of the Finance Act, 2016 (28 of 2016)], the following clause shall be inserted with effect .....

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ause (23C),- (I) after sub-clause (iiiaaa), the following sub-clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 1998, namely:- (iiiaaaa) the Chief Minister s Relief Fund or the Lieutenant Governor s Relief Fund in respect of any State or Union territory as referred to in sub-clause (iiihf) of clause (a) of sub-section (2) of section 80G; or ; (II) after the eleventh proviso, the following proviso shall be inserted with effect from the 1st d .....

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all not be treated as application of income to the objects for which such fund or trust or institution or university or educational institution or hospital or other medical institution, as the case may be, is established: ; (d) after clause (37), the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2015, namely:- (37A) any income chargeable under the head Capital gains in respect of transfer of a specified capital asset arising t .....

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rules, regulations and Schemes made under the said Act. Explanation.-For the purposes of this clause, specified capital asset means,- (a) the land or building or both owned by the assessee as on the 2nd day of June, 2014 and which has been transferred under the scheme; or (b) the land pooling ownership certificate issued under the scheme to the assessee in respect of land or building or both referred to in clause (a); or (c) the reconstituted plot or land, as the case may be, received by the as .....

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f April, 2018, namely:- Provided also that nothing contained in this clause shall apply to any income arising from the transfer of a long-term capital asset, being an equity share in a company, if the transaction of acquisition, other than the acquisition notified by the Central Government in this behalf, of such equity share is entered into on or after the 1st day of October, 2004 and such transaction is not chargeable to securities transaction tax under Chapter VII of the Finance (No. 2) Act, .....

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of the Income-tax Act relating to incomes not included in total income. The existing provisions contained in the said section provide that in computing the total income of a previous year of any person, certain categories of income shall not be included in total income. Further, sub-clause (ii) of clause (4) of the said section refers to any income of an individual by way of interest on moneys standing to his credit in a Non-Resident (External) Account in any bank in India in accordance with the .....

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on of the expression "person resident outside India" and is clarificatory in nature. This amendment will take effect retrospectively from 1st April, 2013, the date on which sub-clause (ii) of clause (4) of the said section was brought into force. Further, clause (12A) of the said section provides exemption up to forty per cent. of the total amount payable from National Pension System Trust paid to an employee at the time of closure or his opting out of the scheme. It is also proposed t .....

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relation to the assessment year 2018-2019 and subsequent years. The provisions contained in clause (23C) of the said section, provide exemption in respect of income of certain funds which, inter alia, include, the Prime Minister's National Relief Fund. However, the Chief Minister's Relief Fund or the Lieutenant Governor's Relief Fund referred to in subclause (iiihf) of clause (a) of sub-section (2) of section 80G, are not exempt under the said clause (23C). It is further proposed to .....

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tion to assessment year 1998-1999 and subsequent years. Clause (23C) of said section provides that donations made by entities referred to in sub-clause (iv) or sub-clause (v) or sub-clause (vi) or sub-clause (via) to any trust or institution registered under section 12AA, except those made out of accumulated income, is considered as application of income for the purposes of its objects. It is also proposed to insert a new proviso in the said clause (23C) so as to provide restriction in respect o .....

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) in the said section so as to provide that any income chargeable under the head "Capital gains" in respect of transfer of a specified capital asset arising to an assessee, being an individual or a Hindu undivided family, was the owner of such specified capital asset as on the 2nd June, 2014 and transfers such land under the Land Pooling Scheme covered under the Andhra Pradesh Capital City Land Pooling Scheme (Formulation and Implementation) Rules, 2015 made under the provisions of the .....

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